Cotec notes HyProMag's recycling hub 25% complete

Executive Summary

• Cotec Holdings Corp. reports significant progress on the detailed design phase of its HyProMag USA joint venture's rare earth magnet recycling and manufacturing hub in Dallas-Fort Worth, with design now 25% complete.
• The project has incorporated advanced grain boundary diffusion techniques and leveraged learnings from UK and German facilities, targeting first magnets in the first half of 2027.
• Cotec is actively pursuing funding from U.S. government sources, commercial lenders, and equity providers, while the facility is designed to meet U.S. Defence Production Act Title III requirements.

Key Details

• Design Progress: The detailed design phase for the Dallas-Fort Worth hub is 25% complete, led by engineering firms PegasusTSI Inc. and BBA USA Inc.
• Technical Enhancements: Advanced grain boundary diffusion techniques have been added to the design to enhance magnet performance.
• Pilot Facility Results:
  • Throughput capacity at the University of Birmingham HPMS pilot facility has been tripled.
  • Over 50 pilot runs have been completed.
  • Approximately 900 kilograms of recycled NdFeB alloy powder have been produced at the Tyseley energy park facility in the U.K.
• Site Selection and Permitting: Four shortlisted site options have been identified for the Dallas-Fort Worth hub, with permitting scheduled to commence in the third quarter of 2025.
• Supply Chain: Feedstock supply collaboration is advancing with Intelligent Lifecycle Solutions, which has begun stockpiling feed.
• Future Expansion:
  • Expansion planning is underway for additional hubs in Nevada and South Carolina.
  • A concept study has been initiated for a complementary long-loop recycling process, led by Worley.
• Strategic Alignment: The proposed U.S. facility fully meets the requirements of the U.S. Defence Production Act Title III, aiming to provide a secure, long-term, commercial-scale magnet recycling and production facility.
• Timeline: The company is targeting first magnets in the first half of 2027.

Notable Quotes

• "We are very pleased with the progress of the EPCM detailed design. The learnings from HyProMag's facilities in the U.K. and Germany continue to inform PegasusTSI's and BBA's work and support an accelerated project schedule targeting first magnets in H1 2027." — Julian Treger, CEO of Cotec
• "In parallel with the EPCM detailed design, the company is focused on securing funding from the U.S. government, commercial lenders, equity providers and offtakers." — Julian Treger, CEO of Cotec
• "With the commencement of the long-loop concept study, the company is in a unique position as it provides both short- and long-loop rare earth permanent magnet recycling." — Julian Treger, CEO of Cotec